Posted by Ed Garcia on March 16, 2006 at 10:06:54:
Sydney,
The asking price is $125,000 with 25% down this is just a start. You have to try to sweeten the deal for yourself by seeing if the seller can accommodate you by either lowering the price or give you terms and conditions, or both.
We in the business call this negotiating. You haven?t even started, you need to find out the motivation of the seller and see if there is any room for a seller carry-back.
Your desire to buy and the sellers desire to sell, should allow a compromise that could be mutually satisfactory.
I don?t know if this a truly a good deal or not based on price, but I know that if this property meets your desired needs, then that could supersede the financial aspect of this being a good deal financially based on it becoming your future home.
Any suggestions on how I can get a loan for a downpayment on a small farm that I want to eventually retire to (the price is $120,000 and 25% down. Its a good deal and I hate to let it slip by, but I don’t have the cash available at this time. I also intend to figure out a way to make money at the property while we’re not living there full time. It needs work, so its not presentable to rent out right away, and it would take awhile to do the work. It’s a beautiful property… I’ve got this type of property in my blood, since my grandparents and greatgrandparents were all farmers. Not that I want to get into full time farming, but I want to get away, at least on weekends for now, from the urban area that I work and live at, a much needed retreat.
Any help or thoughts would be greatly appreciated. I know that practicality is that I should let this slip by, since I probably can’t afford it, but the other side is willing to work hard to keep it, like I’ve always done. Anyone willing to help me out would be welcome for a retreat visit also.
Thank you